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November 8, 2010

Investors call for Symantec to split

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by Janet Harris

Symantec, which has been the largest independent security firm since Intel acquired McAfee, is facing calls from investors for it to be broken up.

Investors believe that the company would be worth between $22 million and $26 million if individual units were spun off.

As a whole its current share price is $17.14.

Symantec has been having difficulties in integrating data storage company Veritas Software Corp, which it acquired in 2005 for $10.5bn.

The Wall Street Journal reports that Relational Investors LLC, an investor in Symantec, is trying to build up a stake in order to split the company’s security and data storage activities.

Another possibility is that the Norton Anti-Virus business could be sold.

According to investors.com Symantec has the lowest sales growth in the systems software industry.

In its last financial year the company recorded sales growth of just 0.4% to $6 billion.

Story link: Investors call for Symantec to split

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